On Wednesday, Bitcoin briefly dropped to 90.8k before rebounding to 93k. Thursday is Thanksgiving. The U.S. market will be closed for one day. Friday will also have an early closing.
Yesterday's wave of correction directly reduced BTC's total futures positions from the previous highest level of 64 billion dollars to 59.2 billion, equivalent to clearing out 4.8 billion dollars of total positions.

This level has basically been corrected over the past six months, but considering the current increase in the base, I believe there is still some room for a decrease in total positions.


Two possibilities:

1. The price rebounds and then adjusts again, and more violently, directly pushing the total positions back to the level of 87,000 to 88,000 at 55 billion dollars and confirming the start of a range-bound market.

2. The price plays the 'up and down door' game in the range of 90,000 to 100,000, achieving a gradual decrease in positions through frequent short-term surges and crashes, and at the level of 55 billion, it will accumulate momentum again, attempting to test the psychological barrier of 100,000!

Regardless, as long as the price has undergone a correction, there will be people who are not honest, unloading or taking profits during the rebound; at this time, breaking through 100,000 with a higher position is quite laborious. Although it is not impossible (after all, there are generally short positions), the resistance will be much greater.

The market will always move in the direction of least resistance.


We should take advantage of a wave of downward adjustments to position these potential coins:

1.AAVE

After a long consolidation of 952 days at the weekly level, a typical 'time for space' pattern has formed. The price pattern is now in place, and what is needed next is to guide the inflow of funds into the market, or a piece of good news as a trigger point, and the market is expected to break out.

It is worth emphasizing that for such assets, I only operate in spot, choosing to buy in batches near the key EMA moving averages on the 1-hour or 4-hour charts, never chasing the rise.

2.INJ\FTM

It is worth noting that INJ and FTM have ignored Bitcoin's correction pressure and have entered a completely independent upward trend, with a smooth rise and no abnormal shadows, fully demonstrating a high concentration of funds and bullish confidence.

Especially FTM, its strength is by no means accidental. In the first half of 2024, it rose by 619.92%, and during the bull market in 2021, it surged by 2177.25%, far exceeding mainstream coins in the market, showing outstanding ability to cross cycles.


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